North Dakota Surplus Expected To Eclipse $2 Billion
But remember, citizens, we can’t have any real tax relief because the state might run out of money or something.
The latest state finance report predicts a whopping $2 billion in surplus and reserves by June 30, 2013, the end of the biennium.
Office of Management and Budget Director Pam Sharp gave a financial update to legislators during the Budget Section’s meeting Tuesday in the Capitol. The state’s booming economy has resulted in stronger than expected revenues from sales taxes, individual and corporate income taxes, and other taxes.
Just to put this astounding number into context, this is a $2 billion surplus on top of the roughly 24% increase in state spending approved for this biennium by the last legislature.
Can you imagine what the state’s surplus would be if the state were a bit more reserved and responsible with its spending?
My prediction for the next legislative session: Spending goes up another 25% or so, and taxpayers get maybe a few hundred million in tax relief, most of it being the sort of phony-baloney property tax buy-down state leaders are so enamored with that really isn’t tax relief at all.
Because that’s the sort of political leadership we have in this state. Tax and spend and keep as much wealth tied up in government as possible.Tags: North Dakota News, surplus, Taxes